WOODLAND PARK, N.J. — Encore Real Estate Investment Services has negotiated the $12 million sale of a net leased Best Buy in Woodland Park. The absolute net corporate-backed lease had four years of term remaining at the time of sale with three, five-year options to extend. Michael Gaggo, Brandon Hanna, Ryan Vinco, and Deno Bistolarides of Encore represented both the buyer, a Midwest based investment fund, and the seller, a California based investment fund.
FARMINGTON HILLS, MICH. — Encore Real Estate Investment Services has arranged the sale of a 5,000-square-foot retail property net leased to Sherwin Williams in Farmington Hills. The sales price was not disclosed. Sherwin Williams has 6.5 years left on its lease. Matt Weber, Deno Bistolarides, Brandon Hanna and Ryan Vinco of Encore represented the seller, a California-based limited liability company. A California-based private investor purchased the asset.
KALAMAZOO, MICH. — Encore Real Estate Investment Services has arranged the sale of a single-tenant retail property net leased to Advance Auto Parts in Kalamazoo. The sales price was not disclosed. Advance Auto Parts has 2.5 years left on its lease at the 8,016-square-foot standalone building. Evan Lyons and Joe Lopez of Encore represented both the Michigan-based buyer and California-based seller in the transaction. The buyer completed a 1031 tax-deferred exchange.
AMHERST, OHIO — EXP Realty Advisors has brokered the $1.3 million sale of a single-tenant property net leased to Dollar General in Amherst, about 30 miles west of Cleveland. The 9,100-square-foot building is located on a 1.4-acre lot at 1651 Cooper Foster Park Road. Andrew Greenberg of EXP Realty Advisors brokered the transaction. A southern California-based real estate investor completing a 1031 tax-deferred exchange purchased the asset at a cap rate of 6.3 percent. Dollar General has 11 years remaining on its lease.
EFFINGHAM, ILL. — Baum Realty Group LLC has brokered the $1.8 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Effingham in southwest Illinois. The property, located at 1207 N. Keller Drive, is near Panera Bread, Panda Express, Steak ’n Shake and two hotels. Patrick Forkin of Baum represented the seller, a Midwest-based developer. A regional investor purchased the asset.
PALOS HEIGHTS, ILL. — The Boulder Group has arranged the $15.5 million sale of a single-tenant property net leased to Jewel-Osco in Palos Heights, about 25 miles southwest of Chicago. The 57,685-square-foot building is located on a nearly 10-acre parcel at 12803 Harlem Ave. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Southwest-based private real estate investment company. A Midwest-based family partnership purchased the asset.
EDEN PRAIRIE, MINN. — Marcus & Millichap has arranged the $3.1 million sale of a 10,816-square-foot building net leased to Prestige Preschool Academy in Eden Prairie, approximately 18 miles southwest of Minneapolis. The preschool, located on Mitchell Road, was constructed as a build-to-suit for Prestige this spring. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap marketed the property on behalf of the undisclosed seller. The team also procured the buyer. The asset traded as part of a 1031 exchange.
HARTVILLE AND NORTH ROYALTON, OHIO — The Boulder Group has arranged the sale of two single-tenant properties net leased to CVS Pharmacy in Ohio for $5.2 million. The properties are located at 600 W. Maple St. in Hartville, about 15 miles north of Canton, and 8001 W. 130th St. in North Royalton, about 15 miles south of Cleveland. CVS has approximately five years remaining on its leases, which expire in January 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. The buyer was a Southeast-based real estate partnership.
BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.
SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.
